Buyers With Big Budgets Are The Reason The Miami Real Estate Market Is Bouncing Back
Miami has been known to be one of the places to find elegant and rich real estate properties in all of South Florida. Despite the fact that for every one home in five households in the Miami-Dade County, are in foreclosure, more home and condo properties are still being purchased by a lot of buyers, especially foreign ones.
Now that most of the properties in Miami are running low, more projects and developments are brewing up in time for the new real estate developments to be made. Back in 2007, when home and condo properties for sale in Miami are of abundance, the real estate market of Miami experienced an all-time low in the real estate market and many of the unwanted high-rise condos during those times were demolished to make way for better and affordable properties.
According to recent real estate reports, 2011 is considered to be the busiest and most promising time for the properties in Miami due to the simple fact that more foreign buyers and investors have been taking their eyes on the real estate market of South Florida – grabbing up to 439 sales or an estimated sum of $2 million, which was 13 percent better than last year.
Even the popular Trump Towers have earned about $265 million in this year – and today, they have less than 12 percent of available property in the area – which was a very big milestone in the history of the building. One of the successes they have from foreign buyers is the fact that they do not even haggle for the price but instead pay for it right away without any hesitations.
This time around, despite of many bank foreclosed properties, we can say that Miami has truly bounced back from its terrible losses in the past few years and is now ready to develop an even brighter real estate market that is ready to cater to everyone who is interested in landing an exclusive and amazing property.
We would not know how long this real estate blessing will bestow in the Miami market, but as long as there are interested buyers, whether local or foreign, the developments will continue on and more home and condo properties will be available in the near future.
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